The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.

The Passage to Banking: Linking Immigrants to Mainstream Financial Services

November 21, 2002

According to the 2000 Census, 20% of the residents of New York State, 18% of the residents of New Jersey, and 11% of the residents of Connecticut were born outside the United States. Many of these immigrants have low to moderate incomes and, for a variety of reasons, are unbanked. This conference discussed different kinds of financial services that immigrant communities demand and the ways in which financial institutions and community-based organizations are developing strategies and products for meeting that demand.